At SunWorld Group, we’re a property management firm serving the greater southwest Washington area. We understand the local market, and today, we’re sharing an update on the rental market and its performance.
Today, the rental market is fairly robust, although we’re noticing a little bit of a slowdown. When we talk about a slowdown, we’re talking specifically about rental increases. The amount you can raise rent has slowed down a bit, and in some cases, you cannot raise the rent at all in order to stay competitive for good tenants and prevent tenant turnover.
In our office, we were at a point where we could comfortably raise the rent by $150 or $200. But now, we are only making increases in the $50 to $75 range. In some cases, we are not raising the rent at all. That’s due to the fact that the market has peaked as far as rental increases go.
We still expect to see a strong demand through 2018, and possibly through 2019 as well. This is still a good time to be a landlord in the area. If there’s one area of concern, it’s in the multi-family arena. Developers are building a lot of new units, so we’re watching that to make sure we aren’t in a situation where we are overbuilding and have too much inventory.
If you have any questions about the rental market or anything pertaining to property management in Vancouver and the southwest area of Washington, please contact us at SunWorld Group.